MY HUSBAND AND I ARE RETIRED, WE HAVE NO HOME NO SAVINGS WE…

Customer Question

MY HUSBAND AND I...

MY HUSBAND AND I ARE RETIRED, WE HAVE NO HOME NO SAVINGS WE RENT RETIRING IS VERY COSTLY. WE HAVE BEEN PAYING A DEBT MANAGEMENT PROGRAM AND HAVE FINALLY GOTTEN DOWN FROM A LARGE SUM WE ARE STRUGGLING, IF WE SHOULD STOP PAYING OFF THESE CARDS, WILL ANYONE HAVE A RIGHT TO TOUCH OUR CHECKS OR MOEY FROM PENSIONS. WE CANNOT AFFORD 500 DOLLARS A MONTH ANY MORE AND WE HAD HEARD OF A COMPANY CALLED HELPS. WE LIVE IN NYC AND THESE LAWYERS, I BELIEVE KEEP YOU COVERED, WHEN HARRASING CALLS COME IN. IF I GET AN ANSWER TO THIS I MAY FEEL BETTER. RETIREMENT IS TOUGH .

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

NEW YORK

Lawyer's Assistant: Has anything been filed or reported?

ABOUT WHAT PLEASE

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The federal statutes are very clear on the status of federal pension benefits. If you’re getting money from a federal agency in the form of a pension or as Social Security benefits, those funds are generally protected from garnishment by a lender. This applies to military pensions, federal employee pensions, railroad pensions and other types of federal payments. However, these funds can be garnished to pay federal taxes or student loans if you owe this type of debt.

The law also generally prevents creditors from garnishing private pensions and other retirement savings vehicles that fall under the Employee Retirement Income Security Act. ERISA requires that pension plans have a rule that stops their benefits from being assigned to a creditor. However, the plan must meet ERISA’s requirements plus the Internal Revenue Service’s rules for special tax treatments. (Reference 3) Private pensions granted to employees usually meet this requirement, while individual retirement accounts and simplified employee pensions (used by self-employed people) do not.

What this means for the vast majority of people in your situation is that even if a creditor were to sue and get a judgment, they are "judgment proof." Because social security and pension money cannot be garnished for most debts, creditors cannot get anything.

HELPS is indeed a private non-profit that helps individuals receiving social security and/or pensions that are struggling with old debts. Their website is here.

If you require any additional information or clarification, please REPLY WITHOUT RATING and I'm happy to help you further. Otherwise, kindly remember to click on the stars at the top of the page to leave me a positive rating as experts are only compensated for our time and efforts once you do so. Thank you.

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Customer reply replied 5 months ago

SIR DID YOU ANSWER THE OTHER QUESTION. I DO NOT MEAN TO BE DIFFICULT MY COMPUTER IS VERY OLD I CAN BARELY GET YOUR ANSWER. I DO NOT WANT TO CHEAT YOU BUT I AM VERY CONFUSED OVER WHICH RESPONSE I GOT. I CANNOT SPEND 42 DOLLARS NOW. CAN YOU JUST EMAIL ME BACK PLEASE. DONT TAKE THE MONEY PLEASE NOT JUST YET.

What other question? I did answer the questions that your pension/social security cannot be touched should you be sued, and gave you a link to the HERE organization which helps people who are on a pension/social security who have problem with debts.

Excuse me, that should say the "HELPS" organization, not the "HERE" organization. My typo --been a long day.

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Customer reply replied 5 months ago

can I try to speak to you tomorrow. I am just overwhelmed. okay please leave the money till I give you the other question. ok I typed it all out where did it go. it was about money I was suppose to get when my parents passed, and my brother took it all. but there is so much more to it. I have to go to sleep. I am sick.

It appears you opened a new question to ask that and another attorney was assisting you. If you had follow-up questions regarding this matter, just reply back here so I can answer them.

I do not get any money from you until you rate my answer positively -at which point a portion of what you paid to the site is paid to me. Experts are not employees of this site so that is the only way we are compensated. Until that time, your deposit is held by the site, it hasn't been taken.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).